Property with Multiple Landlords

There are often occasions when you will need to enter a property onto Expert Agent which has multiple Landlords for example a married couple owning a property who are both Non-resident Landlords and therefore you need to keep separate records for NRL tax purposes.

You will first need to set up your property with the landlords attached to the record:

Once you have the landlords attached to the record, you will need to tell Expert Agent how you wish the split of finances to be made.

In this example the owners own an equal share and therefore the split is 50% and 50%. You must make sure that the split equals a total of 100.

You will also need to chose a main landlord at this point which would normally be either the one with a larger share of the ownership or the one which you would contact first.

Setting the property up like this will mean that when rent is received on the property 50% of the renal income will appear on the one landlord's statement and 50% on the other.

Here is an example where the tenant has paid their rent of £1300.00:

This is then split between the landlords. The percentage management fee has been charged on each landlord as per the recurring management fee field on the tenancy.

Landlord 1:

Landlord 2:

If you need to add any additional sales invoices that relate to this property you can also take advantage of the split that has been set up on the property record, to do this you must create the sales invoice from the finance menu when in the tenancy record. From the "Charge Invoice To" drop down simply pick the "All Landlords" option and the invoice will be split between the landlords.

This will then show on the Landlord's statement tab:

Please note: There is currently not a function to add a purchase invoice onto Expert Agent for "All Landlords" and therefore you would need to add a separate purchase invoice on each of the landlord's records for the 50% of the total of the invoice ensuring you use the same invoice number to tie the two together.

Both landlords will appear in the Landlord Payments area as funds have been received against the property awaiting the payment to the Landlords to be processed.